Recently Medicare celebrated its 60th birthday. It is the federal government health care program for most people age 65 or older. Everyone must go on Medicare when they turn 65 unless they or their spouse have Medicare from an employer’s plan with twenty or more employees. If you do not start Medicare at the right time you can be left with no insurance options or have to pay a late enrollment fee for the rest of your life.
Medicare does not cover all of a senior’s health care expenses. It is an 80/20 plan with lots of deductibles and co-pays. Because of this, about 98% of seniors have some kind of private insurance to help with costs not covered by Medicare. This private insurance can cost anywhere between zero to several hundred dollars per month.
There are many health care costs that traditional Medicare does not cover such as eye care, dental, hearing aids and long term care. A recent Fidelity surveys says that a 65-year old couple will spend $295,000 in health care expenses during their lifetime. This includes out of pocket cost and insurance premiums but does not include long term care.
Not managing your income properly can cause your Medicare Part B premiums to sky rocket. Work with our Medicare specialist to find the right option for you from the many different private insurance companies. Our goal to help you control medical expenses as well as integrate these costs into your total financial plan.